DeVry Group continues to build on its global diversification
strategy
DOWNERS GROVE, Ill.--(BUSINESS WIRE)--
DeVry Education Group (NYSE: DV), a global provider of educational
services, today announced that DeVry Brasil has acquired 96.4 percent of
Grupo Ibmec Educacional S.A. (Ibmec), for a proportional enterprise
value of R$699 million, subject to closing adjustments. Ibmec operates
campuses located in Rio de Janeiro, Brasilia and Belo Horizonte, and in
Campinas, where it operates under the name Metrocamp. A nationally
recognized educational institution, Ibmec has been widely-known for its
academic excellence for more than 40 years, and it currently serves
nearly 15,000 undergraduate and graduate students onsite and online
throughout Brazil.
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Ibmec's Rio de Janeiro campus (Photo: Business Wire)
“We are looking beyond the current market disruptions and focusing on
the long-term opportunities in higher education in Brazil. We are making
this acquisition now because there are so few opportunities to acquire
an institution of Ibmec’s caliber,” said Daniel Hamburger, president and
CEO of DeVry Education Group. “Ibmec is an excellent strategic fit that
will increase our presence in Brazil’s largest region. We see strong
growth opportunities including distributing Ibmec’s high-end programs
through the DeVry Brasil network.”
Ibmec is unique among private sector colleges in Brazil, with a strong
brand, supported by highly-ranked programs. Ibmec offers programs in
business, law, and engineering taught by highly recognized faculty in
premier locations with access to major employers in Brazil.
Ibmec enhances DeVry Brasil’s position as a leading, high-quality
private-sector education provider. Expansion plans include distributing
Ibmec’s high-end programs through the DeVry Brasil network, expansion to
new campuses and growing corporate education.
Total revenue in 2015 is projected to be R$235 million. Ibmec has a
relatively low exposure to the FIES student loan program, which
currently represents approximately 11 percent of Ibmec’s total revenue.
Through the implementation of its proven acquisition integration
playbook, DeVry Group expects to further improve performance. The
acquisition is expected to be accretive to DeVry Group’s adjusted
earnings in fiscal 2016 and beyond.
Both students and faculty of Ibmec will benefit from the exchange of
academic best practices with other DeVry Group institutions, investments
in infrastructure and technology, access to virtual libraries and
research databases, subsidized English-language courses and exchange
programs, and the ability to collaborate with other members of the large
community of faculty and students at DeVry Brasil institutions.
About DeVry Education Group
The purpose of DeVry Education Group is to empower its students to
achieve their educational and career goals. DeVry Education Group Inc.
(NYSE: DV; member S&P MidCap 400 Index) is a global provider of
educational services and the parent organization of American University
of the Caribbean School of Medicine, Becker Professional Education,
Carrington College, Chamberlain College of Nursing, DeVry Brasil, DeVry
University and its Keller Graduate School of Management, Ross University
School of Medicine and Ross University School of Veterinary Medicine.
These institutions offer a wide array of programs in healthcare,
business, technology, accounting, finance and law. For more information,
please visit www.devryeducationgroup.com.
Certain statements contained in this press release, including those
that affect DeVry Group’s expectations or plans, may constitute
forward-looking statements subject to the Safe Harbor Provision of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements generally can be identified by phrases such as DeVry Inc. or
its management “anticipates,” “believes,” “estimates,” “expects,”
“forecasts,” “foresees,” “intends,” “plans” or other words or phrases of
similar import. Because these forward-looking statements involve risks
and uncertainties, there are important factors that could cause DeVry’s
actual results to differ materially from those projected or implied by
these forward-looking statements. Additional information regarding
factors that could cause results to differ can be found in DeVry Group’s
Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and
in DeVry Group’s Form 10-Q for the fiscal quarter ended September 30,
2015. These forward-looking statements are based on information as of
December 15, 2015, and DeVry Group assumes no obligation to publicly
update or revise its forward-looking statements even if experience or
future changes make it clear that any projected results expressed or
implied therein will not be realized.
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DeVry Education Group
Investor Contact:
Joan Walter,
630-353-3800
jwalter@devrygroup.com
or
Media
Contact:
Ernie Gibble, 630-353-9920
egibble@devrygroup.com
Source: DeVry Education Group